SHERIDAN, WYOMING, USA, July 25, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, “Indoor LBS Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the The domestic LBS market reached a value of US$10.7 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$34.0 billion by 2027, posting a CAGR of 19.9% over the period 2022-2027.
Indoor Location Service (LBS) is a technological solution used to track the location of an object or an individual inside a confined space. LBS solutions are limited to small geographic perimeters and operate through various wireless networks, such as Global Positioning System (GPS), Wi-Fi, Microelectronic Mechanical System (MEMS), Wireless Local Area Networks (WLAN) , etc. information for smartphone users: mapping and navigation, in-store product search, Bluetooth-assisted proximity services, mobile payments, etc. These solutions thus find widespread applications in several sectors, such as aerospace, defense, BFSI, health, retail, hospitality, transport, etc.
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Growing number of infrastructure development projects and growing use of geospatial data in amusement parks, educational institutions, shopping malls, shopping complexes, hospitals, etc. are mainly driving the domestic LBS market . Additionally, the growing popularity of connected devices, including tablets and smartphones, which help marketers conduct effective geomarketing by targeting potential customers through social check-ins and engaging with their audience by offering personalized offers, further increases the growth of the market. Apart from this, the growing requirement for LBS solutions to provide enhanced assistance and security to authorities in monitoring and tracking public activities is also catalyzing the global market. Moreover, the increasing use of various technologies, such as artificial intelligence (AI), cloud computing and big data tools, in optimizing business processes and determining the layout of the plan for implementation lean manufacturing processes is expected to bolster the domestic LBS market over the forecast. period.
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The report has segmented the market on the basis of solution type, technology, application, vertical, and region.
Breakdown by type of solution:
Analysis and information
Location and Alerts
Location-Based Advertising Services
Secure transactions and redemptions
Breakdown by technology:
OTDOA and E-OTDOA
RFID and NFC
Satellite, microwave and infrared detection
Others (Wi-Fi/WLAN, UWB, BT/BLE, Beacons, A-GPS, etc.)
Breakdown by application:
Transport and logistics
Media and Entertainment
Health and life sciences
Government and public buildings
Aeronautics and Defense
Breakdown by region:
Middle East and Africa
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